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HomeMy WebLinkAboutMemo Sales tax analysis 09-18-09   MEMORANDUM Date: September 18, 2009 TO: Honorable Mayor and Council Members FROM: Debbie Piper, Finance Director & Ben Nibarger, Management Intern SUBJECT: Sales Tax Analysis CC: Tom Brymer, Ginger Awtry, Amanda DeGan, Troy Meyer, Jarrod Greenwood, Kelly Edwards, Eddie Edwards, Todd Wood, Richard Witten The Town Council requested that the staff research the historical sales tax receipts and determine the base (recurring) sales tax revenues. The Texas State Comptroller’s office was contacted and an open records request was filed to release all sales tax receipts and audit payments to the Town of Westlake from fiscal year 1990. As noted on the attached schedule, the Town’s sales tax amount increased from 1% to 1.5% in 1995 and maxed out at 2% in 1996. For this reason only revenues received from 1996 have been used in the analysis. The data was merged with the Town’s economic development agreement detail to create a base sales tax record. The tables attached provide a monthly break out of all sales tax revenues received and the source of the revenue. In addition, the Town’s economic development agreement payments and the comptrollers audit payments have been removed from the total sales tax payments in order to determine the recurring sales tax revenue. This data is overlaid on the attached chart to graphically contrast the amount of recurring sales tax compared to one time sales tax revenue and audit payments. With this data, it is possible to statistically analyze the data and create models to predict future sales tax revenues, but with the huge number of outliers, those numbers that exceed one or two standard deviations, skew the results. The average annual sales tax revenue generated, using data from 1996 to 2009, is approximately $1,867,897 with a standard deviation of $633,440. The large standard deviation of the base sales tax revenue creates limitations in analysis. Using a 95% confidence interval, the base sales tax revenue should fall between $1.5 and $2.2 million annually. As can be seen in the attached chart, it is fairly certain that over time sales tax revenues will continue to climb but the volatility of the revenue will make predictions, at best, vague and potentially unreliable. As we contemplate the sustainability of our revenues in future years, staff believes that the revenue analysis that we will benefit from the most will be to identify and track the current and past performance of the “key drivers” of our sales tax revenues in an attempt to analyze each to determine if we are able to more closely predict what we will be receiving in the coming years. Tom Brymer will be covering this idea of tracking key drivers of revenues in his budget/financial sustainability presentation. 1 $1 . 5   $2 . 0   $2 . 5   $3 . 0   $3 . 5   $4 . 0   Millions Sa l e s  Ta x  An a l y s i s Av e r a g e A n n u a l  Ba s e  Sa l e s  Ta x  = $1 , 8 6 7 , 8 9 7 St a n d a r d  De v i a t i o n  Ba s e  Sa l e s  Ta x  = $6 3 3 , 4 4 0 $‐ $0 . 5   $1 . 0   $1 . 5   $2 . 0   $2 . 5   $3 . 0   $3 . 5   $4 . 0  FY  19 9 6 F Y  19 9 7 F Y  19 9 8 F Y  19 9 9 F Y  20 0 0 F Y  20 0 1 F Y  20 0 2 F Y  20 0 3 F Y  20 0 4 F Y  20 0 5 F Y  20 0 6 F Y  2007FY 2008FY 2009 Millions Sa l e s  Ta x  An a l y s i s Ba s e  Sa l e s  Ta x Ec o n o m i c  De v e l o p m e n t  Ag r e e m e n t s Au d i t  Pa y m e n t s Av e r a g e A n n u a l  Ba s e  Sa l e s  Ta x  = $1 , 8 6 7 , 8 9 7 St a n d a r d  De v i a t i o n  Ba s e  Sa l e s  Ta x  = $6 3 3 , 4 4 0 2 Sales Tax Analysis SOURCE: State Comptroller Report HISTORY:10/89Town only1.00% 07/95Town/4B1.50% 10/96Town/4B/4A2.00% 10/06Town/4B/PTR2.00% Reporting PeriodDate of Receipt Total Sales Tax Payment Economic Development Project Amount Received from Economic Development Agreements Audit Collections/ Deductions BASE SALES TAX (net of ED & Audits) Oct-89Dec-89 2,252.64 - 2,252.64 Nov-89Jan-909,083.93 - 9,083.93 Dec-89Feb-907,575.11 - 7,575.11 Jan-90Mar-907,837.89 - 7,837.89 Feb-90Apr-906,889.83 - 6,889.83 Mar-90May-908,771.83 - 8,771.83 Apr-90Jun-905,933.62 - 5,933.62 May-90Jul-906,270.52 - 6,270.52 Jun-90Aug-9020,420.86 - 20,420.86 Jul-90Sep-906,691.07 - 6,691.07 Aug-90Oct-906,490.28 - 6,490.28 Sep-90Nov-9013,019.52 - 13,019.52 101,237.10$ -$ -$ 101,237.10$ Oct-90Dec-905,637.45 - 5,637.45 Nov-90Jan-916,671.16 - 6,671.16 Dec-90Feb-919,437.54 - 9,437.54 Jan-91Mar-918,075.92 - 8,075.92 Feb-91Apr-917,552.63 152.50 7,400.13 Mar-91May-9113,056.44 - 13,056.44 Apr-91Jun-915,293.19 27.31 5,265.88 May-91Jul-919,015.37 5.11 9,010.26 Jun-91Aug-919,018.00 - 9,018.00 Jul-91Sep-918,626.68 - 8,626.68 Aug-91Oct-918,217.81 - 8,217.81 Sep-91Nov-9111,301.11 - 11,301.11 101,903.30$ -$ 184.92$ 101,718.38$ Oct-91 Dec-91 7,693.66 - 7,693.66 Nov-91Jan-92 7,158.00 (4.22) 7,162.22 Dec-91Feb-92 11,550.09 - 11,550.09 Jan-92Mar-92 7,752.78 - 7,752.78 Feb-92Apr-92 6,587.94 - 6,587.94 Mar-92May-92 10,654.29 - 10,654.29 Apr-92Jun-92 6,980.61 - 6,980.61 May-92Jul-92 5,471.47 - 5,471.47 Jun-92Aug-92 10,516.94 - 10,516.94 Jul-92Sep-92 5,949.57 (0.07) 5,949.64 Aug-92Oct-92 5,862.64 - 5,862.64 Sep-92Nov-92 17,051.95 - 17,051.95 103,229.94$ -$ (4.29)$ 103,234.23$ 9.17.09 FY 89-90 FY 90-91 FY 91-92 9/17/20093 Sales Tax Analysis SOURCE: State Comptroller Report HISTORY:10/89Town only1.00% 07/95Town/4B1.50% 10/96Town/4B/4A2.00% 10/06Town/4B/PTR2.00% Reporting PeriodDate of Receipt Total Sales Tax Payment Economic Development Project Amount Received from Economic Development Agreements Audit Collections/ Deductions BASE SALES TAX (net of ED & Audits) 9.17.09 Oct-92Dec-92 5,706.34 - 5,706.34 Nov-92Jan-935,402.22 - 5,402.22 Dec-92Feb-939,557.91 - 9,557.91 Jan-93Mar-9310,479.58 - 10,479.58 Feb-93Apr-936,146.74 - 6,146.74 Mar-93May-939,951.12 - 9,951.12 Apr-93Jun-936,917.30 - 6,917.30 May-93Jul-934,813.39 - 4,813.39 Jun-93Aug-9310,112.20 - 10,112.20 Jul-93Sep-933,549.73 - 3,549.73 Aug-93Oct-936,214.46 16.98 6,197.48 Sep-93Nov-9320,820.29 (265.39) 21,085.68 99,671.28$ -$ (248.41)$ 99,919.69$ Oct-93Dec-937,703.02 - 7,703.02 Nov-93Jan-9415,186.22 - 15,186.22 Dec-93Feb-9414,587.03 - 14,587.03 Jan-94Mar-947,948.71 - 7,948.71 Feb-94Apr-9422,788.14 14.71 22,773.43 Mar-94May-9414,881.30 881.18 14,000.12 Apr-94Jun-946,263.08 72.36 6,190.72 May-94Jul-946,961.92 19.42 6,942.50 Jun-94Aug-9417,501.59 - 17,501.59 Jul-94Sep-9411,441.40 17.57 11,423.83 Aug-94Oct-9413,525.53 (16.75) 13,542.28 Sep-94Nov-9418,498.15 18,498.15 157,286.09$ -$ 988.49$ 156,297.60$ Oct-94 Dec-94 6,650.47 - 6,650.47 Nov-94Jan-95 11,566.75 - 11,566.75 Dec-94Feb-95 20,782.16 (3.23) 20,785.39 Jan-95Mar-95 15,407.47 - 15,407.47 Feb-95Apr-95 10,159.15 - 10,159.15 Mar-95May-95 29,128.30 - 29,128.30 Apr-95Jun-95 14,007.89 0.75 14,007.14 May-95Jul-95 16,089.47 - 16,089.47 Jun-95Aug-95 59,198.29 - 59,198.29 Jul-95Sep-95 13,113.81 54.16 13,059.65 Aug-95Oct-95 34,275.12 534.94 33,740.18 Sep-95Nov-95 87,695.51 406.52 87,288.99 318,074.39$ -$ 993.14$ 317,081.25$ FY 92-93 FY 93-94 FY 94-95 9/17/20094 Sales Tax Analysis SOURCE: State Comptroller Report HISTORY:10/89Town only1.00% 07/95Town/4B1.50% 10/96Town/4B/4A2.00% 10/06Town/4B/PTR2.00% Reporting PeriodDate of Receipt Total Sales Tax Payment Economic Development Project Amount Received from Economic Development Agreements Audit Collections/ Deductions BASE SALES TAX (net of ED & Audits) 9.17.09 Oct-95Dec-95 66,170.26 (247.07) 66,417.33 Nov-95Jan-96 22,855.17 - 22,855.17 Dec-95Feb-96 91,897.46 358.76 91,538.70 Jan-96Mar-96 47,573.05 - 47,573.05 Feb-96Apr-96 74,784.53 217.58 74,566.95 Mar-96May-96 77,883.19 - 77,883.19 Apr-96Jun-96 49,013.13 0.85 49,012.28 May-96Jul-96 48,352.12 - 48,352.12 Jun-96Aug-96 79,730.98 358.43 79,372.55 Jul-96Sep-96 58,027.53 4.36 58,023.17 Aug-96Oct-96 71,269.99 - 71,269.99 Sep-96Nov-96 107,000.80 - 107,000.80 794,558.21$ -$ 692.91$ 793,865.30$ Oct-96Dec-96 59,366.52 - 59,366.52 Nov-96Jan-97 62,485.61 - 62,485.61 Dec-96Feb-97 311,928.56 1,542.27 310,386.29 Jan-97Mar-97 42,603.90 (19.24) 42,623.14 Feb-97Apr-97 235,761.34 - 235,761.34 Mar-97May-97 216,510.46 - 216,510.46 Apr-97Jun-97 68,419.01 4.65 68,414.36 May-97Jul-97 95,452.06 105.98 95,346.08 Jun-97Aug-97 143,368.27 4.96 143,363.31 Jul-97Sep-97 107,593.88 (5.64) 107,599.52 Aug-97Oct-97 193,172.22 40,884.29 152,287.93 Sep-97Nov-97 117,070.58 1,151.55 115,919.03 1,653,732.41$ -$ 43,668.82$ 1,610,063.59$ Oct-97 Dec-97 133,281.75 - 133,281.75 Nov-97Jan-98 114,582.72 0.99 114,581.73 Dec-97Feb-98 324,639.44 (2.37) 324,641.81 Jan-98Mar-98 157,926.77 - 157,926.77 Feb-98Apr-98 94,745.26 235.19 94,510.07 Mar-98May-98 171,906.34 1,177.96 170,728.38 Apr-98Jun-98 86,965.24 (5,757.73) 92,722.97 May-98Jul-98 481,063.83 (7.04) 481,070.87 Jun-98Aug-98 213,588.28 (537.47) 214,125.75 Jul-98Sep-98 80,842.66 - 80,842.66 Aug-98Oct-98 81,493.64 (34.35) 81,527.99 Sep-98Nov-98 136,909.46 0.06 136,909.40 2,077,945.39$ -$ (4,924.76)$ 2,082,870.15$ FY 96-97 FY 97-98 FY 95-96 9/17/20095 Sales Tax Analysis SOURCE: State Comptroller Report HISTORY:10/89Town only1.00% 07/95Town/4B1.50% 10/96Town/4B/4A2.00% 10/06Town/4B/PTR2.00% Reporting PeriodDate of Receipt Total Sales Tax Payment Economic Development Project Amount Received from Economic Development Agreements Audit Collections/ Deductions BASE SALES TAX (net of ED & Audits) 9.17.09 Oct-98Dec-98 83,628.67 - - 83,628.67 Nov-98Jan-99 74,566.06 - 8,559.02 66,007.04 Dec-98Feb-99 266,469.94 - (9,913.35) 276,383.29 Jan-99Mar-99 71,243.03 - (9,923.59) 81,166.62 Feb-99Apr-99 46,362.29 - (9,926.92) 56,289.21 Mar-99May-99 112,282.79 - (9,924.69) 122,207.48 Apr-99Jun-99 117,904.22 - (9,926.92) 127,831.14 May-99Jul-99 81,380.53 - (10,085.95) 91,466.48 Jun-99Aug-99 155,308.18 Fidelity I 27.19 (9,926.92) 165,207.91 Jul-99Sep-99 81,266.90 Fidelity I 579.94 (9,926.92) 90,613.88 Aug-99Oct-99 85,033.94 Fidelity I 3,650.63 (9,926.92) 91,310.23 Sep-99Nov-99 206,445.22 Fidelity I10,550.42 (9,057.47) 204,952.27 1,381,891.77$ 14,808.18$ (89,980.63)$ 1,457,064.22$ Oct-99Dec-99 138,442.00 Fidelity I15,813.30 (9,530.33) 132,159.03 Nov-99Jan-00 116,647.27 Fidelity I22,268.31 (10,429.80) 104,808.76 Dec-99Feb-00 142,700.21 Fidelity I26,433.29 9,966.19 106,300.73 Jan-00Mar-00 122,353.13 Fidelity I20,870.78 40.78 101,441.57 Feb-00Apr-00 120,365.79 Fidelity I30,532.29 1,704.16 88,129.34 Mar-00May-00 810,973.37 Fidelity I49,079.45 989.89 760,904.03 Apr-00Jun-00 194,005.32 Fidelity I67,534.38 - 126,470.94 May-00Jul-00 250,382.88 Fidelity I137,166.82 (4.45) 113,220.51 Jun-00 Aug-00 262,273.53 Fidelity I70,854.87 3,404.06 188,014.60 Jul-00Sep-00 269,457.43 Fidelity I118,135.43 1,394.68 149,927.32 Aug-00Oct-00 201,802.16 Fidelity I77,226.57 124,575.59 Sep-00Nov-00 286,632.00 Fidelity I96,426.79 173.39 190,031.82 2,916,035.09$ 732,342.28$ (2,291.43)$ 2,185,984.24$ Oct-00Dec-00 205,432.69 Fidelity I105,887.87 (0.80) 99,545.62 Nov-00Jan-01 93,260.51 Fidelity I43,689.09 (1,252.80) 50,824.22 Dec-00Feb-01 282,209.48 Fidelity I47,244.88 - 234,964.60 Jan-01Mar-01 136,374.25 Fidelity I62,801.20 - 73,573.05 Feb-01Apr-01 141,429.22 Fidelity I22,695.57 9,093.69 109,639.96 Mar-01May-01 163,520.71 Fidelity I 7,622.93 0.01 155,897.77 Apr-01Jun-01 63,845.95 Fidelity I 6,427.95 30.36 57,387.64 May-01Jul-01 136,649.45 Fidelity I 5,732.02 744.50 130,172.93 Jun-01Aug-01 57,487.19 Fidelity I 2,769.99 7,807.34 46,909.86 Jul-01Sep-01 166,210.87 Fidelity I14,843.87 70,552.09 80,814.91 Aug-01Oct-01 65,427.16 Fidelity I 2,897.25 (9,330.32) 71,860.23 Sep-01Nov-01 146,322.63 Fidelity I 1,334.77 (868.13) 145,855.99 1,658,170.11$ 323,947.39$ 76,775.94$ 1,257,446.78$ FY 98-99 FY 99-00 FY 00-01 9/17/20096 Sales Tax Analysis SOURCE: State Comptroller Report HISTORY:10/89Town only1.00% 07/95Town/4B1.50% 10/96Town/4B/4A2.00% 10/06Town/4B/PTR2.00% Reporting PeriodDate of Receipt Total Sales Tax Payment Economic Development Project Amount Received from Economic Development Agreements Audit Collections/ Deductions BASE SALES TAX (net of ED & Audits) 9.17.09 Oct-01 Dec-01 83,274.76 Fidelity I130.91 (9,404.38) 92,548.23 Nov-01 Jan-02 82,141.82 Fidelity I1,518.30 (10,000.32) 90,623.84 Dec-01 Feb-02 93,284.30 (9,837.35) 103,121.65 Jan-02 Mar-02 137,119.41 (8,836.88) 145,956.29 Feb-02 Apr-02 85,346.88 (9,877.91) 95,224.79 Mar-02 May-02 162,035.78 6,269.76 155,766.02 Apr-02 Jun-02 68,617.63 468.93 68,148.70 May-02 Jul-02 95,436.76 2,329.32 93,107.44 Jun-02 Aug-02 99,011.24 (1,121.95) 100,133.19 Jul-02 Sep-02 70,795.02 (145.52) 70,940.54 Aug-02 Oct-02 57,705.13 1,594.03 56,111.10 Sep-02 Nov-02 146,175.95 1,020.00 145,155.95 1,180,944.68$ 1,649.21$ (37,542.27)$ 1,216,837.74$ Oct-02 Dec-02 70,882.17 - (1,041.01) 71,923.18 Nov-02 Jan-03 177,040.69 - - 177,040.69 Dec-02 Feb-03 522,235.45 - (5,451.24) 527,686.69 Jan-03 Mar-03 148,616.38 - 0.26 148,616.12 Feb-03 Apr-03 81,430.64 - (32.91) 81,463.55 Mar-03 May-03 192,681.61 - - 192,681.61 Apr-03 Jun-03 83,590.75 - (700.28) 84,291.03 May-03 Jul-03 100,773.23 - (1,460.38) 102,233.61 Jun-03 Aug-03 103,803.82 - 3,052.31 100,751.51 Jul-03 Sep-03 81,423.45 - 240.01 81,183.44 Aug-03 Oct-03 458,794.35 - 404,690.43 54,103.92 Sep-03 Nov-03 364,787.89 - 202,088.25 162,699.64 2,386,060.43$ -$ 601,385.44$ 1,784,674.99$ Oct-03 Dec-03 83,099.17 - (141.00) 83,240.17 Nov-03 Jan-04 63,981.91 - 32.59 63,949.32 Dec-03 Feb-04 324,321.74 - 580.02 323,741.72 Jan-04 Mar-04 380,267.52 - 219,624.12 160,643.40 Feb-04 Apr-04 68,476.87 - 57.27 68,419.60 Mar-04 May-04 97,161.63 - 140.58 97,021.05 Apr-04 Jun-04 87,260.33 - (919.46) 88,179.79 May-04 Jul-04 74,411.46 - 127.39 74,284.07 Jun-04 Aug-04 190,715.43 55.82 190,659.61 Jul-04 Sep-04 107,636.26 2,842.56 104,793.70 Aug-04 Oct-04 120,323.55 - (2,407.27) 122,730.82 Sep-04 Nov-04 167,715.10 29,277.59 138,437.51 1,765,370.97$ -$ 249,270.21$ 1,516,100.76$ FY 01-02 FY 02-03 FY 03-04 9/17/20097 Sales Tax Analysis SOURCE: State Comptroller Report HISTORY:10/89Town only1.00% 07/95Town/4B1.50% 10/96Town/4B/4A2.00% 10/06Town/4B/PTR2.00% Reporting PeriodDate of Receipt Total Sales Tax Payment Economic Development Project Amount Received from Economic Development Agreements Audit Collections/ Deductions BASE SALES TAX (net of ED & Audits) 9.17.09 Oct-04 Dec-04 149,063.31 23,438.58 125,624.73 Nov-04 Jan-05 138,067.76 2,187.46 135,880.30 Dec-04 Feb-05 327,539.08 96.80 327,442.28 Jan-05 Mar-05 153,962.51 417.27 153,545.24 Feb-05 Apr-05 78,904.33 5,860.01 73,044.32 Mar-05 May-05 265,534.65 143.93 265,390.72 Apr-05 Jun-05 97,850.82 11.03 97,839.79 May-05 Jul-05 129,006.27 5,725.08 123,281.19 Jun-05 Aug-05 196,367.09 - 196,367.09 Jul-05 Sep-05 199,496.51 244.81 199,251.70 Aug-05 Oct-05 108,076.47 (22.22) 108,098.69 Sep-05 Nov-05 145,352.80 60.04 145,292.76 1,989,221.60$ -$ 38,162.79$ 1,951,058.81$ Oct-05 Dec-05 140,846.59 501.21 140,345.38 Nov-05 Jan-06 200,403.74 First American13,351.10 189.63 186,863.01 Dec-05 Feb-06 781,023.14 First American13,406.03 78.40 767,538.71 Jan-06 Mar-06 314,850.53 - 66.77 314,783.76 Feb-06 Apr-06 384,345.81 First American24,578.38 1,025.49 358,741.94 Mar-06 May-06 178,346.49 First American5,802.30 364.78 172,179.41 Apr-06 Jun-06 283,876.05 First American196,503.97 183.07 87,189.01 May-06 Jul-06 107,090.41 - 8,399.26 98,691.15 Jun-06 Aug-06 387,700.12 First American88,429.29 36,677.72 262,593.11 Jul-06 Sep-06 203,836.61 First American23,580.74 (743.80) 180,999.67 Aug-06 Oct-06 270,211.00 First American9,080.35 (3.48) 261,134.13 Sep-06 Nov-06 368,883.00 First American26,312.25 34.13 342,536.62 3,621,413.49$ 401,044.41$ 46,773.18$ 3,173,595.90$ Oct-06 Dec-06 205,292.93 First American12,275.56 778.01 192,239.36 Nov-06 Jan-07 399,674.97 First American 29.74 145,234.49 254,410.74 Dec-06 Feb-07 300,322.01 First American10,435.29 6,874.35 283,012.37 Jan-07 Mar-07 273,649.75 First American (67.44) (8,398.60) 282,115.79 Feb-07 Apr-07 173,331.54 First American(7,216.75) (41,280.55) 221,828.84 Mar-07 May-07 391,954.26 First American11,345.44 196,415.50 184,193.32 Apr-07 Jun-07 173,901.40 - 173,901.40 May-07 Jul-07 146,927.05 First American(1,673.90) 148,600.95 Jun-07 Aug-07 227,271.21 First American(4,418.16) 458.20 231,231.17 Jul-07 Sep-07 205,058.60 - 8.62 205,049.98 Aug-07 Oct-07 177,795.62 - (470.06) 178,265.68 Sep-07 Nov-07 255,162.48 Fidelity II 7,805.15 179.52 247,177.81 2,930,341.82$ 28,514.93$ 299,799.48$ 2,602,027.41$ FY 06-07 FY 05-06 FY 04-05 9/17/20098 Sales Tax Analysis SOURCE: State Comptroller Report HISTORY:10/89Town only1.00% 07/95Town/4B1.50% 10/96Town/4B/4A2.00% 10/06Town/4B/PTR2.00% Reporting PeriodDate of Receipt Total Sales Tax Payment Economic Development Project Amount Received from Economic Development Agreements Audit Collections/ Deductions BASE SALES TAX (net of ED & Audits) 9.17.09 Oct-07 Dec-07 226,317.75 Fidelity II18,840.99 9,309.59 198,167.17 Nov-07 Jan-08 329,418.32 Fidelity II33,631.81 (26,618.50) 322,405.01 Dec-07 Feb-08 308,194.03 Fidelity II38,492.20 (60,056.54) 329,758.37 Jan-08 Mar-08 281,542.48 Fidelity II36,124.59 37.15 245,380.74 Feb-08 Apr-08 137,959.80 Fidelity II49,791.09 54.63 88,114.08 Mar-08 May-08 280,427.72 Fidelity II62,018.43 21.63 218,387.66 Apr-08 Jun-08 318,416.67 Fidelity II135,022.48 1,638.36 181,755.83 May-08 Jul-08 273,588.26 Fidelity II117,849.17 4.39 155,734.70 Jun-08 Aug-08 361,809.13 Fidelity II118,896.11 39,096.37 203,816.65 Jul-08 Sep-08 329,883.64 Fidelity II78,165.55 2,228.84 249,489.25 Aug-08 Oct-08 308,333.52 Fidelity II118,811.12 341.44 189,180.96 Sep-08 Nov-08 434,682.96 Fidelity II103,176.46 125,354.90 206,151.60 3,590,574.28$ 910,820.00$ 91,412.26$ 2,588,342.02$ Oct-08 Dec-08 254,631.08 Fidelity II83,808.34 3,541.42 167,281.32 Nov-08 Jan-09 906,665.77 Fidelity II62,274.56 698,693.08 145,698.13 Dec-08 Feb-09 372,847.42 Fidelity II46,336.44 43.35 326,467.63 Jan-09 Mar-09 231,942.68 Fidelity II57,623.07 1,006.28 173,313.33 Feb-09 Apr-09 181,180.92 Fidelity II24,661.00 2.20 156,517.72 Mar-09 May-09 239,753.84 Fidelity II23,084.24 5,429.90 211,239.70 Apr-09 Jun-09 177,320.11 Fidelity II36,110.92 4,604.65 136,604.54 May-09 Jul-09 167,448.60 Fidelity II 6,526.38 3,397.15 157,525.07 Jun-09 Aug-09 290,449.50 2,218.62 288,230.88 Jul-09 Sep-09 141,114.36 326.22 140,788.14 Aug-09 Oct-09 - - - Sep-09 Nov-09 - - 2,963,354.28$ 340,424.95$ 719,262.87$ 1,903,666.46$ FY 07-08 FY 08-09 9/17/20099